Live currency trading tips

Market Outlook

The rupee on Thursday opened 8 paise down at 63.61 against the US currency on fresh demand for dollar from importers and banks. India’s finance ministry has sought parliamentary approval to issue about Rs 80,000 crores ($12.6 billion) of bank recapitalization bonds before the end of the current fiscal year which will augment capital of the public sector banks. The dollar dipped on Thursday after ending the previous session higher as upbeat U.S. data and the minutes of the Federal Reserve’s latest policy meeting helped it recover from recent losses.

USDINR pair has given down side break out and closed with negative note. For upcoming session if it sustain below its immediate support level of 63.5000 then more selling can be expected. 63.8000 is major resistance.

EURINR

EURINR pair was bounce back from its lower level and settled the day near to its day high. Now, 77.0000 is acting as a major resistance level if its hold above this mark then it can test next resistance level of 77.2000. On down side 76.4000 is support zone.

GBPINR

GBPINR pair opened with gap down in later session it has given some recovery but closed the day with loss. It has 85.9000 as a major support level below this its price may drag down towards next support level where as 86.5000 is major resistance.

JPYINR

JPYINR pair pulls down from its upper level and closed the day with loss. It has 56.4000 as a crucial support zone below this it can go towards next support of 56.2000. On higher side it has resistance of 56.8000.